The bullish case for Brazilâ€™s banks

Brazil is unquestionably the most fascinating country I ever visited in my life, as any fellow fan of Ipanema Beach, Roberto Carlos, the Lula economic miracle, samba, lambada, Bahia and the tenfold rise in the Bovespa in the past decade will agree. Yet Brazil has its flaws and tragedies, as the other night’s night club fire, the muggers on Rio’s Copacabana esplanade and the favelas will attest.